Crude prices have fallen slightly following weak trading after Easter holidays and an expected rise in US oil production.
Brent crude futures fell by 4 cents to $55.32 a barrel, while the US West Texas Intermediate (WTI) crude futures also fell 4 cents to get traded at $52.61 per barrel, reported Reuters.
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Both oil benchmarks witnessed a steady growth in prices for three consecutive weeks before the market closed for Easter holidays.
US shale production is expected to post a huge growth next month as producers in the country accelerated drilling.
According to the US Energy Information Administration's drilling productivity report, output is expected to increase by 123,000bpd to 5.19 million bpd next month.
An analysis by the news agency also showed that financial companies are investing heavily in US shale fields that can trigger further oil production.
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By GlobalDataThe rise in US production is set to increase pressure on Organization of the Petroleum Exporting Countries (OPEC).
In November 2016, OPEC decided to cut its output by 1.8 million barrels for the first six months of this year to end the rising global oversupply.
Members of the group are scheduled to meet on 25 May to discuss the possible extension to the output cut deal beyond June.
